A Newmark Knight Frank Global Corporate Services team, in conjunction with Eastdil Secured, represented CenturyLink (NYSE: CTL) in the sale of 1600 Seventh Avenue, a 32-story, 598,000-square-foot office property in downtown Seattle, Washington for $137 million, it was announced today. Clarion Partners, a leading real estate investment manager, made the purchase on behalf of a separate account client of the firm in an off-market transaction.
Clarion acquired the building from CenturyLink, formerly known as Qwest Communications. CenturyLink and its predecessor companies have continuously occupied the property since it opened in 1976 and will remain as a tenant in approximately 260,000 square feet. A Newmark Knight Frank Global Corporate Services team led by Victor Frandsen, Tim Harrington, and Alan Polacsek represented CenturyLink in the sale and the new lease negotiated with Clarion Partners.
“The transaction allows CenturyLink to monetize its real estate holding while positioning itself in what will be a newly renovated Class A property moving forward. It benefits all parties,” said Frandsen.
Simultaneous with the purchase, Clarion announced that Nordstrom, Inc. has committed to a long-term lease for over 300,000 square feet, bringing the occupancy of the property to 88 percent. The company expects to start moving into its new location beginning in fall 2012. Urban Renaissance Group, LLC represented Clarion in the transaction and will serve as the local operator of the asset going forward.
Following the acquisition, Clarion and Urban Renaissance Group plan a significant renovation of the property, updating the common areas, including the main lobby, and adding ground level retail and underground parking.
Located in the heart of the central business district, 1600 Seventh Avenue is easily accessible by public transportation, sits two blocks from the downtown Seattle Nordstrom store and Nordstrom Rack store and is within walking distance of many of the city’s leading retailers, restaurants, and hotels, as well as the Washington Convention Center.
CenturyLink is the third largest telecommunications company in the United States. The company provides broadband, voice and wireless services to consumers and businesses across the country and advanced entertainment services under the CenturyLinkTM PrismTM TV and DIRECTV brands. In addition, the company provides data, voice and managed services to business, government and wholesale customers in local, national and select international markets through its high-quality advanced fiber optic network and multiple data centers. CenturyLink also is recognized as a leader in the network services market by key technology industry analyst firms, and is a global leader in cloud infrastructure and hosted IT solutions for enterprises through Savvis, a CenturyLink company. CenturyLink’s customers range from Fortune 500 companies in some of the country’s largest cities to families living in rural America. Headquartered in Monroe, La., CenturyLink is an S&P 500 company and is included among the Fortune 500 list of America’s largest corporations.
About Newmark Knight Frank
Newmark Knight Frank is one of the largest real estate service firms in the world. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank together operate from more than 240 offices in established and emerging property markets on five continents. With a combined staff of more than 7,000 and revenues last year exceeding $993 million, this major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Knight Frank is a part of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company primarily servicing the wholesale financial markets. For further information, visit www.bgcpartners.com.